Weekend thoughts
No penny for my thoughts
This is a weekly digest of unassociated pictures (graphs mostly) I saw during the week. Not much context is given.
For daily digests: https://no1sdailydigest.substack.com/archive
Gold's weekly close $4,119: needs to hold $3,768 or it's more than a correction:
Gold ETF flows by region:
Gold overtakes the US dollar in central bank reserves:
Poland's gold reserves at a record 632.4 tonnes 🚀:
Why central banks hold gold: crisis hedge, inflation, diversifier:
US gold imports vs exports (May): net outflow -23.7t:
US silver imports vs exports (May): +176.9t net inflow
Silver quarterly: past bulls took 31 and 14 years to make new highs:
Silver & AI: data-center power +5,200% since 2000, market in deficit:
Silver ETF capital flows spike:
Gold market liquidity at a record $488bn/day:
Dow-to-gold ratio, 1915-2026:
All US gold ETFs ($239B) vs Nvidia ($4.71T):
Global gold vault stock (June): LBMA 9,464t, COMEX 857t:
Shanghai silver +81.63% vs Western +69.65%:
PBOC gold: 20th straight month, +14.93t in June 🤑:
London vaults: gold 9,464t, silver 28,082t:
US gold reserves as % of debt: $4,200 → $26,000 → $75,000:
Gold ETF takes the crown as China's largest fund:
Platinum quarterly (log): start of a multi-year bull:
AI now >25% of US GDP growth, ~8% of GDP — above Dot-Com's 6.5%:
German federal net borrowing past €200bn by 2027:
BoJ total assets lowest since Q1 2020:
30-year Treasury auction 5.058%, highest yield since 2007:
Veterans' benefits now a record 27% of DoD spending:
Foreign central-bank Treasuries in Fed custody keep running off:
Interest payments overtake defense spending, first time ever:
Japan 10-year yield 2.87%, highest in 30 years:
US trade deficit $77.6B in May, widest since March 2025:
Margin debt as % of GDP:
US margin debt +550% since 1997 vs S&P +358%
Russell 2000 interest expense = 31% of EBITDA vs 6.7% for S&P 500
2-year breakeven inflation down to 1.95%:
Top 0.1% wealth doubled in six years; bottom 50% flat:
Global diesel loadings on track for a 9-year low: 5.19M bpd:
China's fossil-fuel consumption at an all-time high (exajoules):
US oil product exports at a record 8.7M bbl/day:
US SPR crude stocks: lowest since June 1983:
Russian refinery damage: Omsk offline, 34% of output hit:
China solar generation, 2015 → 2025: 1 → 1,175 TWh:
FX returns vs the dollar over 5 years:
Shiller PE on the verge of taking out its Dot-Com high:
Semiconductors now over 15% of the S&P 500, most ever:
S&P 500 top 10 now 43% of market cap — very lopsided:
Yen above 162/dollar, weakest since 1986:
Tesla free cash flow heading to -$10B, first negative year since 2018:
Median wealth per adult: US ranks below Slovenia and Portugal:
My favorite is the new definition of EBITTDA.
Time to invest in doing real-world things oneself, not merely market-abstractions, eh?